"The pursuit of profit is not a good objective for educational institutions. It is not a good ally of a good education," Eyzaguirre told a press conference.

The administration of President Michelle Bachelet, who took office in March, has proposed an ambitious overhaul of the education system to provide affordable, quality education, as demanded by a national student movement launched in 2011.

The government's proposed reforms basically call for greater public spending on education, free primary education, and an end to state-subsidies of private schools and to profit-oriented universities.

"The state needs to withdraw from many productive activities, but not those that are considered a social right," said Eyzaguirre.

The current educational system, which was increasingly privatized by the previous pro-business administration, creates more tension between the nation's privileged and working classes, the minister said.

State support for universities will have to be phased in slowly, the minister indicated, as many of the centers of higher education have not been certified.

"We can't be throwing around public money without ensuring quality," he said.

To finance the education reform, Bachelet has proposed increasing the corporate tax rate from 20 percent to 25 percent, an initiative opposed by the business and conservative political sector, but expected to be adopted by the country's legislature.